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HARP

Like so many others, I have been burdened by the incredible decrease in property value in my neighborhood by so many foreclosures. I have tried to refinance under HARP with my current lender GMAC and also Quicken. My loan is owned by Freddie since 2007, my last refi was in 2006, never been deliquent, current rate is 3.25% over the current 30 year fixed, great credit, no PMI etc.
GMAC told me that because of the way my loan was "packaged and sold" to Freddie it makes me ineligible (still waiting for a call back to explain this) The other lender Quicken told me that my LTV, currently between 140 - 144% is 6% higher than where they feel comfortable although 2 other members of Qucken have called my cell and left messages stating that there have been some incredible moves in the market and they believe that can get me qualified under "one of these new and exciting programs".... So, I meet the criteria on paper but it appears that lenders are looking for ways to avoid assisting me. I cleary am a canidate and I believe I meet the criteria. Great credit, high LTV, Freddie owns my mortgage etc. Does anyone have any advice on where to look/go to make this happen?
Thank you!
  • July 30 2012 - Elgin
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Answers (2)

Quicken will not lend over 125% Loan to Value.   If your loan has "credit enhancement" you will not be able to refinance in HARP.

It is a bad sign that GMAC has given you this information, however the entry level customer servicer loan officers are often mis-informed and bad information is frequently provided.

If GMAC won't do your loan, you need to find out if your loan comes back as an eligible loan in the Open Access version of the program.   Any well-versed HARP originator can run your file through Freddie Mac software and it will tell you if the loan is eligible.   If the loan reads as eligible, AND you get an Accept finding, then the last step is to find a lender doing that profile which can be an adventure of it's own.

There are a few lenders that will do the Unlimited Loan to Value Freddie Mac, and among those many will also only offer the loan if Freddie Mac provides an "HVE" Value for your property.   

To summarize, your goals are to be eligible, accept, with HVE.   If you make it that far, the rest is reasonably easy if you have a good person working on it for you.
  • July 30 2012
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I would take a look at our resource center for borrowers with underwater mortgages. 

Thanks,
Candace
Zillow Customer Support
  • July 30 2012
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